Steven Scheid

Janus Capital Group Inc. Chief Executive Steven Scheid said Wednesday that his pay would be one-third less than his predecessor's and that he would work without a specified term to "set the tone" after the U.S. fund company reached a settlement with regulators over improper trading. Scheid, 50, last week succeeded Mark Whiston, who received $4 million in compensation in 2003.

Janus Capital Group Inc. Chief Executive Steven Scheid said Wednesday that his pay would be one-third less than his predecessor's and that he would work without a specified term to "set the tone" after the U.S. fund company reached a settlement with regulators over improper trading. Scheid, 50, last week succeeded Mark Whiston, who received $4 million in compensation in 2003.

Discount broker Charles Schwab Corp. said it realigned duties of its top managers in order to match resources with its fastest-growing business segments. Schwab said Steven Scheid, executive vice president and chief financial officer, will lead an expanded unit that will include the mutual funds business, brokerage operations, risk and credit operations and a new consumer products group. Linnet Deily, head of services for investment managers, has been named president of the Schwab retail group.

Discount broker Charles Schwab Corp. said it realigned duties of its top managers in order to match resources with its fastest-growing business segments. Schwab said Steven Scheid, executive vice president and chief financial officer, will lead an expanded unit that will include the mutual funds business, brokerage operations, risk and credit operations and a new consumer products group. Linnet Deily, head of services for investment managers, has been named president of the Schwab retail group.

Janus Capital Group Inc., a Denver-based mutual fund company under investigation by state and federal regulators, said it would pay $31.5 million to reimburse fund investors hurt by improper trading. The company also split the role of chairman and chief executive, naming Steven Scheid, 50, former vice chairman of Charles Schwab Corp., as chairman. Mark Whiston, 41, remains as chief executive. Janus rose $1.08 to $15.91 on the New York Stock Exchange.

Charles Schwab Corp. said Tuesday that Vice Chairman Steven L. Scheid will become president of its retail business, succeeding Linnet F. Deily, who will join a newly created office of the president to focus on strategy at the biggest online brokerage. Chris Dodds, Scheid's successor last year as chief financial officer, will now report directly to Schwab President and co-Chief Executive David S. Pottruck instead of Scheid.

Charles Schwab Corp. reported a 28% jump in third-quarter earnings and said it plans to add up to 1,700 employees next year to expand its mutual fund and international operations. San Francisco-based Schwab, the largest U.S. discount and online broker, said its net income rose to $97.8 million, or 35 cents a diluted share, in the third quarter, up from $76.5 million, or 33 cents, a year ago. Mutual fund service fees, net interest income and principal transaction revenue all rose more than 20%.

JB Oxford Holdings Inc. and Janus Capital Group Inc., two firms under investigation for alleged mutual fund trading abuses, announced top management shake-ups Tuesday that analysts said appeared aimed at appeasing regulators. Beverly Hills-based JB Oxford said in a regulatory filing that its president and chief operating officer, James Lewis, resigned last week.

ABC, Behind in Ratings, Overhauls Management Walt Disney Co. replaced top management at its struggling ABC network, which has drained the company's bottom line and jeopardized the standing of Chief Executive Michael Eisner. News of an overhaul was long expected -- entertainment Chairman Lloyd Braun already quietly departed his office in anticipation of a shake-up. But many were stunned by its sweep.